Old Pension Scheme approved by Punjab cabinet, notification issued, says CM Bhagwant Mann

The old pension scheme, under which the entire pension amount was given by the government, was discontinued in the country from April 1, 2004.

Punjab Chief Minister Bhagwant Mann on Friday said that the state cabinet has approved the reimplementation of the old pension scheme (OPS), which was discontinued in 2004.

In another decision of the cabinet, a meeting of which was held here under his chairmanship, Mr. Mann said a notification to fix sugarcane rate at ₹380 per quintal has also been approved.

Asked about the Old Pension Scheme, Mr. Mann, who was addressing a news conference after the cabinet meeting, said, "OPS has been approved by the cabinet. Details will be given. Many employees will be benefited under the old pension scheme. Notification has been issued."

The old pension scheme, under which the entire pension amount was given by the government, was discontinued in the country from April 1, 2004.

In the cabinet meeting held nearly a month ago, the Punjab government had decided to restore the scheme for its employees, which has been their major demand.

State Finance Minister Harpal Singh Cheema had last month said employees will be given the option to join the old pension scheme.

Briefing reporters about other decisions of the cabinet, Mr. Mann said, "In today's cabinet meeting, the notification regarding ₹380 per quintal sugarcane rate has been approved, which is highest in the country. We have cleared all outstanding dues of sugarcane from farmers," he said.